EUR/USD Technical Analysis: Set-up points to an extension of the bearish trend, ECB awaited

   •  The pair has been trending lower along a short-term descending channel on the hourly chart and now seems to have stabilized near the 1.1400 handle, just above the trend channel support.

   •  Meanwhile, the fact that the pair remains well below important intraday moving averages - 50, 100 and 200-hour SMAs, point to an extension of the well-established near-term bearish trend.

   •  Moreover, bearish technical indicators on hourly/daily charts further add credence to the negative outlook and thus, increase prospects a retest of YTD lows support near the 1.1300 round figure mark.

   •  Traders, however, seemed to wait for the latest ECB monetary policy update for any dovish signals before positioning for the next leg of directional move or initiating any aggressive bearish bets.

EUR/USD 1-hourly chart